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Illinois House Moves Thompson Oil Tax Plan To Floor
After 15 hours of hearings the Illinois House approved moving Gov. James R. Thompson’s seven bill transportation package from committee to the floor for amendments. The plan envisions a 5 percent oil company tax, possible 6 cent gas price increase, abolition of the RTA, and a new five member Transit Finance Authority with regional options for Cook County. Senate President Rock proposed a divvied bank tax and smaller oil tax, plus higher license plate fees, with claims of $850 million first year and funds split to CTA, suburban rail, and downstate highways.
MENTIONED IN THIS ARTICLE
Springfield
Illinois
House
James R. Thompson
Chicago
George Ryan
Senate
Philip J. Rock
D-Oak Park
Chicago Sun-Times
Rock
Chicago-area
General Assembly
Thompson
Regional Transportation Authority
Transit Finance Authority
RTA
Cook County
Jane Byrne
Chicago Transit Authority
U.S
Mobil
Standard Oil
Indiana
Illinois Petroleum Council
Sun-Times